Jack Mayer, Life Insurance Broker

Answer: I am a life insurance broker/agent and I have been licensed since 1984. I will be happy to take your call. Reach out to me and I will answer all your questions and provide help.

Answer: Original Mortgage Protection is not available any longer. It was promoted by banks that would pay off the balance remaining on the loan, the lender was the beneficiary and the loan gets paid upon the borrowers death. Those plans were not transferable. Those plans are no longer available. Today mortgage protection can be had by getting a term life for the length of the loan if available or if preferred and the beneficiary would be the homeowner and upon the individuals death the proceeds are paid to the beneficiary, typically a spouse and the survivor pays the loan. The face amount never decreases and it is portable.

Answer: The policy pays on the second death of the two insureds. Those policies are always less expensive because it pays on the second death.

Answer: If it is for the purpose of getting a Medicare health plan then I typically ask for the Medicare MBI card, List of Doctors, Specialist, preferred pharmacy and Medications. Also if you have a representative such as a POW then you need to bring that person into the mix.

Answer: It doesn't because insurance companies are required to be able to have the overwhelming capacity to meet policyholder obligations with fixed life insurance products. As far as indexed universal life, interest sensitive whole life and Variable life plans, the carriers investment portfolio has nothing to do with how your policy performs because those policies mirror or are tied into the stock market and there are caps and minimums with no potential for market volatility just safety.

Answer: The life insurance proceeds will not go to a minor until they are 18 so if possible set up a trust and have the life insurance proceeds pour into that trust.

Answer: Not sure what your asking here, Veterans can buy life insurance through VALife up to $40,000 available to any service connected veteran. VGLI for recently discharged Vets and S-VDI for service disabled veterans. These programs are administered by the VA not available outside the market place. all this said and done, just because you are a vet does not mean you will get better rates than outside the VA. Important to compare

Answer: Life insurance is only subject to probate if the beneficiary is the estate of the insured. Otherwise the answer is no.

Answer: It's a free rider where if you become terminally ill and your physician says you have 12 months or less of mortality then you can accelerate or take your life insurance early, typically 90 to 100 percent of your face amount

Answer: Any whole life policy up 139k is fine according to MediCal. Many beneficiaries get small policies to pay for a final expense when a death occurs. These plans are simplified issue and affordable. I actually worked in the funeral industry so I tailor plans to meet the expense associated with dying. You have to do this in advance of your untimely death.

Answer: Contact Jack Mayer, and I will be able to assist you and answer all your questions. Term life would be the answer here, but many people, depending on their age and health, cannot qualify. You need to speak to an agent who can assist you and speak to any writer to see how you may come in for an application if it is even taken.

Answer: Term life is insurance that does not have any value as far as cash value is concerned. So you have ordinary lie versus term life. An individual can secure a bigger policy if they qualify and they can for a permanent policy when it comes to getting coverage but the caveat is is that at some point your term policy will and most cases most people do outlive term life. Permanent insurance is for your whole life and you could actually probably compare term life to a universal life policy and that would give you an affordable option for permanent life insurance but it still will be more than a term policy

Answer: It depends on how long ago you had your cancer or your medical issues there are variable factors. But there are guaranteed whole Life policies up to 25,000 or you would be fully covered after two years and there are simplified issue whole Life policies that ask a few health questions if you're interested in learning more of his contact me

Answer: You don't unless the owner of the policy discloses that information to you, typically when you take out a policy you choose your beneficiary or beneficiaries at that time and your beneficiaries don't even need to know that you chose them as beneficials of your policy. But you cannot call the company and ask they won't tell you anything

Answer: That's a good question. Insurance companies evaluate applicants, it's called risk evaluation and insurance companies can rate your policy up or decline your application. It's always best to be fully upfront with the insurance agent so you don't waste your own time for the agents

Answer: Typically when a carrier requires a life insurance exam expect it to be at their cost, arranged by carrier or agent with an independent lab company who gathers all the necessary information and documentation. They will usually draw a sample of blood, urine and a basic exam including current treatments, past treatments and physician information. After that your blood panel is completed along with the urine specimen which will help the underwriter assess the risk for the carrier.

Answer: Contact me., and we can discuss that. There are too many underlying factors, including medical history, advocacy, risk, and type of plan chosen.

Answer: Negative, they due not do a credit check. Life insurance companies do not do that to determine if you qualify.

Answer: It is offered by the agent to show how the breakdown of your plan works. It shows the face amount, premium and how many years before it ends if assuming its term. All other types life insurance such as whole life/permanent life including universal life etc., will show cash value, surrender value and typically the plans are set up for your whole life.

Answer: Call an agent and they can discuss that with you or get hold of me and we can talk when ready to go over all those options.

Answer: Typically group life insurance is offered by your employer and once you leave your job its over and you must find another option. The best option is to take what they offer and pick up another life insurance plan independently so that if you move on voluntarily or not you still have protection.

Answer: Go to the DOI in your state and put in their license number and it will tell you if he is an active agent. Agents must put their license number on cards and illustrations including emails.

Answer: You can only have so much cash value in a life insurance policy and if it exceeds that then it becomes an investment not life insurance. Its a 7 year test that the IRS states must pass in order to be a life insurance contract.

Answer: As a broker I represent many top rated carriers and I can shop them all to determine which is most favorable in price, flexibility and financial stability along with excellent customer service. These are the factors I look at, not always the cheapest but always the best choice in value and integrity.

Answer: The goal is to provide lifetime financial support without accidentally disqualifying the child or adult from SSI Medicaid. The solution is a Special Needs Trust funded by life insurance. The parents life insurance payout must be structured so that the child never receives the money directly because the trust manages money for the child's lifetime. Hope this is helpful.

Answer: Yes and no, if I am working with an existing client who moves out of state there is some latitude but it's best to have the application authorized in the state where the agent is licensed.

Answer: It is a permanent trust that owns your life insurance policy, not you - which keeps the death benefit outside of your taxable estate. This can save your beneficiaries substantial estate taxes.

Answer: You can depending on the type of policy, how soon you would need to withdraw without penalty and typically a life insurance policy is not really the best vehicle for that, better off opening a mutual fund and add to it over time.

Answer: I get asked this question from time to time and if the surrender value is less than what you paid in there is no tax owed.

Answer: The fees a built-in to the policy premiums you pay and they are for administration cost and other various cost associated with that particular type policy.

Answer: I would consider working with a seasoned life insurance broker that handles both term and permanent policies.

Answer: It is set up so that if you die before the loan is paid then they can be paid the balance owed on your loan. The collateral assignment is set up so that the lender only gets the balance owed upon death.

Answer: I suppose you are an agent so therefore you should do your own research, I know you can sell a book of business with health clients but not so sure about a book of life clients and it probably wouldn't be of interest to most agents like myself because life insurance has little to no renewals.

Answer: The answer is yes but the rules do change depending on the type of policy you are seeking. So the best bet is to have an agent look into that for you once you decide what type of plan is in your best interest

Answer: You pay premiums on a life insurance policy that pays your beneficiary x amount of life insurance upon your death or if you have a terminal illness it pays too. With an Annuity you pay into it over time and or a lump sum in the beginning then over time once you decide to annuitize then you take a monthly income for a period of time or for life.

Answer: I don't have one, its not really necessary for me. I just simply talk things through and earn the business, then ask for referrals. I think for life insurance unlike health insurance a website is okay but doesn't really give you a leg up in my opinion.

Answer: You have to find a carrier or an FMO to help you jump through all the hoops and once licensed and appointed you can go beat the bushes. Selling life insurance is not for the faint of heart. Many try and many are gone in a few short months. You have to pay your dues and find a good mentor.

Answer: Typically 3 to 5 years and you need to pay attention to the surrender cost because there is a penalty to withdraw early. Many surrender periods are 10- 15 years.

Answer: Individual marketing organization versus a Field marketing organization. They both have the same function but the difference is that an the FMO is bigger.

Answer: Sorry, you won't be able to do that unless you drop the policy and find a new agent. Your insurance is only as good as the agent you trust. If he dies and you become an orphan you can call the carrier and ask them to provide a new agent of record, or if the agent you like is appointed with the carrier your with he can request to become the new agent of record.

Answer: Give it to me and I will know what to do wink wink, that is entirely your call but you have options to invest or whatever you choose.

Answer: Not in all cases, some carriers will give you a small savings by doing so and most won't today. At one time many of the carriers provided a savings or that incentive but now too much anymore.

Answer: Yes, mailers are still number one as far as I am concerned and referrals but some agents like myself have used internet leads but they are shared in most cases and not as effective.

Answer: Depends on what that risk is. With some carriers they will charge extra for that particular risk and others may exclude the risk, I just had a policy issued and they put an exclusion rider on him flying his own aircraft, maybe because there is not enough hours logged in.

Answer: Depends, it's a variable factor. it's not just based on income alone, it's also based on if there is an insurable interest such as a mortgage, family, business and debt.

Answer: You can Google that to find an agent and you can work with an agent remotely via phone, email, zoom or you can self enroll on an agents platform with his guidance and recommendation

Answer: Insurance companies have a right to examine that claim in the first two years during the contestability phase built into the policies.

Answer: Go with the person you think has your best interest and is seasoned in life insurance transactions such as a broker like myself. I do the shopping for my clients the price is not always the best choice when choosing certain carriers. Customer service is very important and if it cost you a couple bucks more it's worth it.